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In November 2021, the International Accounting Standards Board (IASB) published the Exposure Draft Non-current Liabilities with Covenants (proposed amendments to IAS 1). The Exposure Draft aims to improve the information an entity provides when its right to defer settlement of a liability for at least twelve months is subject to compliance with conditions, in addition to addressing concerns about the classification of such a liability as current or non-current.

IASB® Update July 2022

The IASB discussed the amendments to IAS 1 Presentation of Financial Statements that it tentatively decided to make as part of its project on Non-current Liabilities with Covenants (Amendments to IAS 1).

The IASB tentatively decided to require entities to apply the amendments for annual reporting periods beginning on or after 1 January 2024.

All 10 IASB members agreed with this decision.

The IASB decided that the amendments do not require re-exposure.

All 10 IASB members agreed with this decision.

No IASB member indicated an intention to dissent from issuing the amendments.

All 10 IASB members confirmed they were satisfied the IASB has complied with the applicable due process requirements and has undertaken sufficient consultation and analysis to begin the process for balloting the amendments.

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IFRS Accounting Standard Amendment